When you were in school, remember the relief you felt when your teacher cancelled a test? We have good news! There is no test. There are no specific qualifications to be an entrepreneur. There are no entrance exams, no degree requirements.
On one hand, that’s a relief. You qualify. On the other hand, it’s confusing. How do you know you have what it takes to be a successful entrepreneur?
You could look at what other entrepreneurs are like and see if you match their profile, but creating a portrait of “the entrepreneur” is as simple as drawing a picture of air.
We examined the research, but noticed that it primarily aggregated survey data from people who chose to become entrepreneurs. So, we can tell you the average age, industry work experience, educational level, etc. But knowing that won’t tell you if you have what it takes to be an entrepreneur. There is no “right answer.”
Still, we thought we would share a couple of surprising findings. First, most people (or at least those in the 18-34 year age range according to the Kauffman Foundation) want to or have started their own business. More than 600,000 people did just that last year alone.
Second, only one in ten startups result from a person having an “AHA!” moment where they create an innovative product or service because they needed it for their own use.
But experience teaches us that successful entrepreneurs share important characteristics. They are passionate about what they do. They not only have knowledge that informs their passion, but they know to access other sources to fill gaps in what they know and can do. They communicate in ways that can inspire passion in their customers, employees, and investors. And they have characteristics that are often in conflict: they are persistent, yet flexible; patient, but with a sense of urgency; optimistic, but realistic.
In The Founder’s Dilemmas, Harvard Business School’s Noam Wasserman states, “To survive and grow, startups need human capital, social capital, and financial capital.” Put another way, entrepreneurs need advice, a network, and money. They need advice to avoid some of the pitfalls that can be ruinous to a startup. They need a network that provides them critical connections. They need to create a community around their products. And, in most cases, they need to have an adequate level of outside financing to ensure that they do not run out of money before the business become self-sustaining.
The iCrowd is committed to delivering all three of these needs. Through the transformative legislative changes that allow Investment Crowdfunding, we connect entrepreneurs with investors who can share your passion for your enterprise and are willing to invest in you. We help you leverage your social and professional networks, and enhance them with networks that you create on iCrowd with other entrepreneurs, investors, and others. And, we provide you several ways to learn from other entrepreneurs and experts to ensure that you’re getting the advice you need. At iCrowd, if you succeed, we will have done our job.
Do you have what it takes to be an entrepreneur? Join the iCrowd.